Charlotte, North Carolina (August 19, 2004) – Grubb Properties Inc. today announced Eastern Federal Corporation will become the cinema anchor in the Elizabeth Avenue redevelopment efforts. Joining Whole Foods Market in project, Eastern Federal will bring the first conventional movie theater to the area to serve Uptown Charlotte and the surrounding neighborhoods.
“Elizabeth Avenue is a great location in and there is a strong need for a theater of this scale in the Uptown area,” said Eastern Federal Corporation CEO Carter Meiselman. “We look forward to bringing more entertainment options to local movie-goers as well as becoming part of the transformation of the Elizabeth Avenue District.”
Located along 4th Street less than half-mile from Center City Charlotte, the new cinema will occupy approximately 40,000 square feet on top of the new parking deck proposed for the overall Elizabeth Avenue project. Up to eight screens with stadium-style seating and digital stereo sound systems will show a mix of independent art-films and conventional upscale movies.
“The Eastern Federal cinema will be an incredible amenity not only for Uptown Charlotte but the surrounding affluent neighborhoods of Elizabeth, Myers Park, Eastover and Dilworth,” said Clay Grubb, president of Grubb Properties, developer of the Elizabeth Avenue project. “The combination of Eastern Federal and Whole Foods Market is a positive impact for Charlotte reinforcing the overall vision for the Elizabeth Avenue District to become a single destination for retail, dining, shopping and entertainment in the heart of the City.”
Grubb Properties plans to begin construction on the first phase of the four-level, 800-plus-space parking deck in July 2005 at Fourth and Hawthorne. The cinema construction will begin upon the completion of this project with a targeted opening in 2007.
The contractor and architect for the cinema project have not yet been selected. Jonathan Nance, Retail Broker for Grubb Properties, brokered the cinema deal.
The $240 million, ten-year Elizabeth Avenue redevelopment plan, is a collaborative effort between Grubb Properties, Presbyterian Hospital and Central Piedmont Community College and encompasses a six-block area between the two institutions. The project is envisioned to contain 340,000-square-feet of Class A office space, ultimately 800+ residential addresses in a range of market types and more than 250,000-square-feet of retail including Whole Foods Market, specialty boutiques, service-oriented shops, 150+ room hotel, an 8-screen Eastern Federal cinema and about 25 restaurants.
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About Eastern Federal Corporation
Beginning with the acquisition of its first properties in North Carolina the early 1930's, EFC has been continuously involved in the development, ownership and operation of motion picture theaters in the southeast. Since the mid-1970s, the Company has pursued a strategy of owning its theater properties and utilizing its in-house real estate, engineering and construction expertise to select and develop custom-built theater facilities. The Company currently operates 22 multi-screen theaters located throughout North Carolina, South Carolina and Florida. Of its total of 226 screens, 193 or 85% are stadium-seated and all theaters feature digital stereo sound systems. The Company's goal is to provide a state-of-the-art entertainment experience for its patrons that will keep alive the "Magic of the Movies."
About Grubb Properties
Grubb Properties, Inc., founded in 1963, is a fully integrated real estate company with development, construction, acquisition, sales, leasing and management expertise. The Company’s real estate portfolio includes over 2,500 apartment homes and one million square feet of office and retail property. Grubb Properties is committed to securing the best locations in North Carolina and creating a superior return on investment for partners and clients. For additional information about Grubb Properties visit www.grubbproperties.com.
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